Compliance

Walter Ricciardi, the Security and Exchange Commission’s deputy director of the Division of Enforcement, announced he will retire this month to join the law firm of Paul, Weiss, Rifkind, Wharton & Garrison LLP as a partner.

Welcome to Money Management Executive's 6th Annual Fund Operations Awards.

This Tuesday, June 3, the Senate Banking Committee will consider three nominations to the Securities and Exchange Commission, possibly paving the way for a number of mutual fund measures to be decided upon.

Many mutual fund industry analysts are skeptical that the Securities and Exchange Commission will take final action on any of its outstanding proposals this year, but if it does, the summary prospectus and XBRL tagging are likely to top the list, with a proposal on changes to 12b-1 fees to follow in 2009.

While not exactly a national victory for the mutual fund industry, a recent court ruling regarding "excessive fees" could set a strong precedent for further disputes.

After spending the past 10 months as acting chief, Securities and Exchange Commission Chairman Christopher Cox finally decided to name Rosalind Tyson the official director of the commission’s Los Angeles office – a region that covers Southern California, Nevada, Arizona, and Hawaii.

NEW YORK—The European Union’s UCITS, or “Undertakings for Collective Investment in Transferable Securities,” have been gaining tremendous traction throughout the EU, and even Latin America and Asia. Middle Eastern countries are even beginning to warm up to the instruments, as they are tightly regulated by their host countries and designed to protect the end investor.

The Senate Banking Committee will consider three nominations to the Securities and Exchange Commission this coming Tuesday, June 3.

Michael Iavarone may have rung the opening bell at the New York Stock Exchange yesterday and be poised, as owner of the magnificent Big Brown, to win the Triple Crown, but he can’t win them all.

In what some in the industry are heralding as a backhanded acknowledgement of 12b-1 fees, the Securities and Exchange Commission is reportedly considering putting a cap on the controversial level-loads.

While it may not decide the fate of about a dozen similar “excessive fee” cases that were brought against mutual fund companies in 2003 and 2004, charging that they should impose institutional-share, rather than retail-share fees on individual investors, it is an important step in the right direction.

The Securities and Exchange Commission voted unanimously last Wednesday on a proposal that would require mutual funds to provide risk/return, fee and strategy information using the same new digital data tagging system as the 500 largest U.S. corporations.

Talk about tapping into the powers that be inside the Beltway.

PHILADELPHIA - Boards may have grown in power since the passage of the Sarbanes-Oxley Act of 2002, but mutual fund companies should take care to temper that influence so it doesn't interfere with business.

The Securities and Exchange Commission voted unanimously yesterday on a proposal that would require mutual funds to provide risk/return, fee and strategy information using the same new digital data tagging system as the 500 largest U.S. corporations.

The move to XBRL filings will roll out in stages, with about 500 so-called "large" domestic and foreign issuers expected to submit XBRL versions of financial reports this winter. This is according to the Securities and Exchange Commission, which last week issued a rule proposal concerning XBRL adoption.

WASHINGTON — Market participants hailed yesterday’s long-awaited but widely expected Supreme Court decision that upheld 42 states’ preferential tax treatment of their bonds as a “resounding victory” for the municipal securities market.

The mood at the Investment Company Institute's 50th Annual General Membership Meeting in Washington, D.C., earlier this month, themed "Our Foundations, Our Future," was markedly upbeat. Certainly, this is welcome and refreshing, especially following the dot-com crash of 2000-2001, the mutual fund scandals of 2003-2005 and this year's subprime credit crisis hitting the financial services industry and Wall Street, in particular, so hard.

A lawsuit by the Securities and Exchange Commission alleges that more than 30 firms spent in excess of $3 million over the course of three years to lure the business of Boston mutual fund giant Fidelity Investments.

The Securities and Exchange Commission has formally proposed that all U.S. companies use interactive data tagging when they provide financial information.